Samsung Wallet launches USDC on Solana for eligible U.S. Galaxy users
In brief
- Samsung Wallet stablecoin accounts went live Thursday for eligible U.S. Galaxy users.
- Users can buy, hold, send and receive Circle's USDC on Solana without managing private keys.
- Bastion provides custody, with Coinbase as sub-custodian through Coinbase Prime Vault.
- Credit card top-ups carry a 4% fee; New York residents are excluded.
How the product is built
Samsung didn't build this alone. The product was built with Bastion, a licensed stablecoin custodian and infrastructure provider, and Coinbase, which safeguards the USDC as Bastion's sub-custodian through Coinbase Prime Vault.
Samsung's disclosures stress that the account is a crypto wallet, not a bank account.
The rollout has been months in the making. Samsung Wallet first teased plans to support USDC (which is pegged to the U.S. dollar) over the summer, then announced the feature on Oct. 7, when it tapped Solana for USDC transfers.
Fees, limits and the $25 promo
Transfers to other U.S. Samsung Wallet users and to compatible outside crypto wallets carry no Samsung transfer fee, though other providers may charge one, according to Samsung's disclosures as reported by Decrypt. Users can also send money to qualifying bank accounts in more than 60 countries, where recipients may receive local currency; fees vary by destination.
Getting money in isn't free. Topping up with a credit card (including through Samsung Pay) carries a 4% fee, and withdrawals to a bank account or debit card also carry a fee. New users who make a first top-up of $50 or more can receive $25 in USDC, per the disclosures.
Eligibility is narrow, too. The service requires Android 13 or later and it's open to U.S. residents 18 and older, except those in New York.
What Samsung says comes next
Woncheol Chai, who leads the digital wallet team in Samsung's mobile business, framed the launch around removing friction for Galaxy owners.
"Stablecoins have the potential to make moving money around the world faster and easier, and we want Galaxy users to be able to take advantage of that without having to navigate the complexity of traditional crypto tools"
Lily Liu, president of the Solana Foundation, said stablecoins had proved the technology works but lacked a way to reach the mainstream.
Samsung said it expects to explore online and in-store stablecoin payments and to expand to additional markets, subject to local regulation. Those are stated plans, and the company hasn't attached a timeline to either one in the announcement as Decrypt reported it.
Frequently asked questions
Who holds the USDC in Samsung Wallet?
The product was built with Bastion, a licensed stablecoin custodian and infrastructure provider. Coinbase safeguards the USDC as Bastion's sub-custodian through Coinbase Prime Vault. Samsung's disclosures stress the account is a crypto wallet, not a bank account.
What fees does Samsung Wallet charge for USDC?
Samsung charges no transfer fee for sending USDC to other U.S. Samsung Wallet users or compatible outside crypto wallets, though other providers may charge one. Credit card top-ups, including through Samsung Pay, carry a 4% fee, and withdrawals to a bank account or debit card also carry a fee.
Who is eligible to use USDC in Samsung Wallet?
The service requires Android 13 or later and is open to U.S. residents 18 and older, except those in New York. According to the announcement, it reaches about 82 million compatible Galaxy devices in the U.S.
